GAC grants conditional approval for Wamid’s acquisition of 51% of DirectFN

Tadawul Advanced Solutions Co. (Wamid)

The General Authority for Competition (GAC) granted a conditional approval for Tadawul Advanced Solutions Co. (Wamid)  to buy a 51% stake in Direct Financial Network Co. (DirectFN).

The decision came after competitive valuation and analysis of the expected impacts on competition, GAC said in a statement.

The approval sets requirements and conditions for the new entity arising from the acquisition, to ensure fair competition and keep market open to establishments aiming to foray into or expand in the market.

GAC added that it will oversee the conduct of companies once the deal is closed to ensure parties’ commitment to the set requirements for three years.

Saudi Tadawul Group Holding Co. (Tadawul Group) announced that its wholly-owned subsidiary, Wamid  completed on May 7 the transaction with National Two Ventures LLC (sole proprietorship) to acquire a 51% stake in Direct Financial Network Co. (DirectFN). The deal is valued at SAR 134 million, Argaam earlier reported.

For More Mergers and Acquisitions